Central Pacific Financial (NYSE:CPF) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Central Pacific Financial Corp. is a Hawaii-based bank holding company. Central Pacific Bank, its subsidiary, is Hawaii’s third largest commercial bank. “
Shares of Central Pacific Financial (NYSE:CPF) traded up $0.02 on Tuesday, reaching $28.73. The company’s stock had a trading volume of 135,114 shares, compared to its average volume of 159,347. The stock has a market capitalization of $863.50, a price-to-earnings ratio of 21.44 and a beta of 1.14. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 0.77. Central Pacific Financial has a 1-year low of $27.34 and a 1-year high of $33.55.
Central Pacific Financial announced that its board has authorized a share repurchase plan on Wednesday, November 15th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
In related news, Director Colbert M. Matsumoto acquired 1,000 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was purchased at an average price of $28.61 per share, with a total value of $28,610.00. Following the completion of the purchase, the director now owns 2,375 shares in the company, valued at approximately $67,948.75. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders have bought 2,000 shares of company stock valued at $58,434. Insiders own 4.10% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CPF. Alliancebernstein L.P. lifted its stake in Central Pacific Financial by 4.2% in the second quarter. Alliancebernstein L.P. now owns 44,400 shares of the financial services provider’s stock worth $1,397,000 after acquiring an additional 1,800 shares during the period. FMR LLC purchased a new stake in Central Pacific Financial in the second quarter worth $5,600,000. OxFORD Asset Management LLP purchased a new stake in Central Pacific Financial in the second quarter worth $292,000. Voya Investment Management LLC lifted its stake in Central Pacific Financial by 40.4% in the second quarter. Voya Investment Management LLC now owns 9,641 shares of the financial services provider’s stock worth $303,000 after acquiring an additional 2,774 shares during the period. Finally, QS Investors LLC lifted its stake in Central Pacific Financial by 4.7% in the second quarter. QS Investors LLC now owns 4,532 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 203 shares during the period. 92.65% of the stock is owned by institutional investors.
COPYRIGHT VIOLATION NOTICE: This piece was first reported by American Banking News and is the sole property of of American Banking News. If you are viewing this piece on another site, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The legal version of this piece can be viewed at https://www.americanbankingnews.com/2018/02/13/central-pacific-financial-cpf-cut-to-sell-at-zacks-investment-research.html.
About Central Pacific Financial
Central Pacific Financial Corp. is the bank holding company of Central Pacific Bank (the Bank). The Company’s segments include Banking Operations, Treasury and All Others. The Banking Operations segment includes construction and real estate development lending, commercial lending, residential mortgage lending, consumer lending, trust services, retail brokerage services and its retail branch offices, which provide a range of deposit and loan products, as well as various other banking services.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Central Pacific Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Central Pacific Financial and related companies with MarketBeat.com's FREE daily email newsletter.